$300 Million Green Energy Fund to be Launched by Apple in China

$300 Million Green Energy Fund to be Launched by Apple in China

Beijing: To work with its suppliers to invest in renewable energy projects, Apple Inc will launch a clean energy fund worth $300 million in China. These projects would provide power to almost 1 million homes in China. The statement released the statement regarding the same.

The priority of the Chinese government is to bring down the pollution level. It is putting pressure on the local as well as international firms to join hands in this and reduce high levels of smog in its major cities and clean up the country’s waterways and polluted soil.

Investment Along With 10 Suppliers

The investment from the iPhone maker, which will be made along with 10 suppliers including Pegatron Corp and Wistron Corp over a four-year period, also comes as the United States and China lock horns over trade.

Apple’s chief executive Tim Cook earlier this year called for calm heads in Washington and Beijing as the world’s two largest economies have veered towards a trade war and exchanged tit-for-tat tariffs on billions of dollars of goods.

The U.S. firm makes most of its products in China, which are shipped around the world, including to the United States. China is also one of Apple’s most important end markets, although it has faced a rising challenge from local smartphone rivals.

Apple has been making a broader push toward renewable power. Earlier this year it said that its global facilities were now fully powered by clean energy.

(Source: Reuters – The news was originally published by Reuters)